ET Now: Finally, the tower deal has happened, where do you see RComm from now on for the next two or three quarters?

Nitin Soni: In our view, they are talking all the right steps. We have a BB minus rating on Reliance Communication and this deal of selling the tower assets is a step in the right direction given their stretched balance sheet. Their debt after the Aircel demerger is about $4 billion, so this should help them to repay some of it. On the other hand, the Aircel merger will definitely create a telco, which will strengthen its comparative position. They have a good access to the 800-850 megahertz spectrum on pan-India basis and different infrastructure sharing. I think they will also need a lot of future investments given it is a spectrum starved industry. They will have to invest more on infrastructure, broadening and strengthening their 4G spectrum assets, spectrum coverage and maybe it will be difficult for them to make similar EBITDA margins that the incumbents are making right now at about 35%. So yes it is a long way to go but a good step in the right direction.